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University of Illinois at Urbana-Champaign
Empirical Essays on Auctions of Brazilian Treasury Securities
Abstract
dc:descriptionChapter 3 is motivated by the unusual institutional feature that in Brazil auctions of government securities are carried out by two different entities, the Central Bank (CB) and the National Treasury Secretariat (NTS). This chapter examines demand and profitability in the two sets of auctions and find that bidders pay a premium on securities in periods of interest rate volatility. We find that despite an apparent preference for CB instruments, there is no evidence of differences in profitability between auctions of the two institutions.
Degree
thesis:*- Name thesis:degree_name
- Ph.D.
- Level thesis:degree_level
- Dissertation
- Discipline thesis:degree_discipline
- Finance
- Grantor
- University of Illinois at Urbana-Champaign
- Year dc:date
- 2015
Author and committee
dc:creator, dc:contributor.*- Author dc:creator
-
- Silva, Anderson Caputo
- Contributors dc:contributor
-
- Kahn, Charles M.
Subjects
dc:subject × 1Rights
- Language dc:language
- eng
Identifiers
dc:identifier.*- Identifier
- (MiAaPQ)AAI3030480
- OAI identifier oai:identifier
- oai:www.ideals.illinois.edu:2142/87428